Slowdown in oil demand in 2005, steady OPEC production- IEA

Published:

10 September 2004 03:37

Updated:

13 July 2006 11:58

The September IEA oil market report projects a slowdown in the increase in demand for oil from +2.52 mbd in 2004 to +1.77 mbd in 2005, at the same time as the call on OPEC oil is also assumed to level out at 27.6 mbd. The Former Soviet Union is projected to increase production by 0.6 mbd and Latin America as well as Africa are both projected to increase production by 0.4 mbd.

Middle East oil production Jan-Aug 2004 of some 22.0 mbd was some 1.4 mbd above the 2003 level. The biggest increase was in Iraq, which only produced about 0.3 mbd in 2003 and has so far in 2004 produced some 2.0 mbd, and in Iran, which increased production by 0.3 mbd to 3.9 mbd.